MOVE YOUR MONEY – WILL IT HELP?

This is really a two part question -

a)  Will it help you if you move your money?  Will you pay lower fees? Will you pay no fees? Will it be convenient?

There are lots of considerations when it comes to moving your money.

b) Will it impact the big banks if you move your money? Or will the smaller concerns start charging fees because they have more depositors, (a bigger share of the market, if you will)?

When news hits that a bank wants to charge $5.00 for using your debit card, it does make one pause to think about why they would use that bank.  Dissatisfaction has been building for some time now with larger banks charging fees for returned checks, overdraft fees and ATM fees.

I started looking around for a different bank when the bank (one of the larger ones) I’ve used for over 30 years began charging a fee to move money from my reserve account to my regular checking. For years I had the reserve account as a safety net. On occasion money moved out of it with no fee. After legislation was passed telling bankers they could not charge fees unless I signed up for it, the bank began charging $10 if they moved funds. If I opt in – $10. If I opt out – $10. Either way, they are charging now.

On top of this, I actually had an issue last month where the bank withdrew funds ahead of schedule, which caused a tax payment to be returned, not once but two times because it was short a couple of bucks. This bank mails out a post card if you are overdrawn, so it takes about a week or so to even know there is a problem, all the while sending the check back through.  Then the bank hits you with $66 for two returned checks, which the refunded $33.

I have moved some funds to a smaller bank, not a community bank or credit union, one that pays a little on your deposit (not much these days); they will send an email if I am short funds. I got to try this out accidentally when right after I opened the account I paid a bill online using the wrong account, which was short funds. I got an email, moved the money and all was good. No Fee!

For me , it was definitely time to begin looking around for better service. I am very serious about customer service in my day to day activities and I like being treated the same by my bank. Move your money can be revealing to the larger banks.

http://moveyourmoneyproject.org/MOVE YOUR MONEY – WILL IT HELP?